Palm Hills Developments Signs An Agreement With The Egyptian Ministry Of Housing To Acquire 190 Feddan In West Cairo
Palm Hills Developments ("PHD" or "the Company") signed an agreement with the Egyptian Ministry of Housing ("the Ministry") to acquire 190 feddan plot located in 6th of October, at EGP2,440/sqm, with 15% payable to the Ministry during the current month and the balance payable over seven equal annual installments, after the elapse of a three years grace period.
The land plot is strategically located adjacent to the Company’s existing developments in West Cairo including Palm Hills Golf Views and Golf Extension. The Company is currently finalizing the project’s master plan which is expected to include standalone units and commercial services, with new sales and reservations planned for this year.
Yasseen Mansour, PHD's Chairman commented: “I am very pleased with the addition of this strategic land plot to
our land bank which we consider as a natural extension to Palm Hills Golf Views and Golf Extension, in line with our
strategy to replenish our land bank, as we continue to utilize our land bank due to the unprecedented demand for
our products portfolio and the strong pace of construction and handovers”.
